Trillions of SHIB Transferred, Who Stands Behind This?

According to a recent post by Whale Alert blockchain sleuth, over the past 24 hours, its bots have tracked down a massive chunk of Shiba Inu meme coins worth almost $40 million in fiat.

Shiba Inu price prints massive decline

Details provided by the aforementioned data source have revealed who stands behind this enormous SHIB transaction. Meanwhile, the second-largest meme-inspired cryptocurrency, SHIB, continues to go down.

Over the last 24 hours, it has lost approximately 7% of its price, and since the weekend, SHIB has staged a decline of 13%, falling from $0.00000986 to the current $0.00000858 level.

Trillions of SHIB on move

In a recent X/Twitter post, Whale Alert spread the word about a total of 4,276,568,835,013 SHIB meme coins exchanging hands as this massive SHIB lump was moved between unknown blockchain addresses. The fiat equivalent of this is a mammoth-sized $37,950,271.

Details of the transfer provided by the above-mentioned cryptocurrency tracker show that the transaction was initiated by one of the internal wallets of the Netherlands-based Bitvavo exchange, and it was moved to a wallet linked to Bitvavo. The reason for this could be the cryptocurrency trading platform reshuffling its crypto balances.

Large SHIB movements have also been spotted recently as the founder of Tron, Justin Sun, purchased an amount close to 80 billion SHIB on Binance and withdrew it to a cold wallet along with a bunch of other cryptocurrencies, including LINK and FLOKI – a Shiba Inu rival meme coin.

Anonymous whale burns 100 million SHIB

A major member of the Shiba Inu team, its social media marketing lead, Lucie, has taken to the X/Twitter platform to reveal the name of the whale who burned a massive 100,000,000 SHIB over the past 24 hours.

According to Shibburn data, the overall amount of meme coins transferred to unspendable wallets within this period of time totals 146,261,497 SHIB. The 100-million chunk was the largest one, which was carried here in a single transfer. According to Lucie’s tweet, all of those millions of SHIB were burned by the @theshibdream Twitter account – the issuer of the Shib Dream NFT collection.

Overall, those burns that have taken place since yesterday morning, have propelled the daily SHIB burn rate to a growth of 459.57%, according to the Shibburn website.